Pursuit Minerals provides update on Stage 1 Drilling Program

Pursuit Minerals Ltd (ASX: $PUR) has achieved significant high-grade lithium brine at shallow depths at drill hole 1 (DDH-1) in the Maria Magdelena tenement of the Rio Grande Sur Project. The initial high-grade assays include intervals of 408mg/L, 412mg/L, 424mg/L, 620mg/L, and 607mg/L, with the hole currently drilling below 500m and targeting near 600m of depth for completion before relocating to Sal Rio II to commence Drillhole 2 (DDH-2). The Stage 1 Drill Program aims to target resource growth to the existing inferred JORC resource of 251.3kt LCE@ 351mg/L.

Pursuit Managing Director & CEO, Aaron Revelle, on DDH-1 Progress

The initial results from DDH-1 are particularly sensational as we progress our initial exploration phase of the Rio Grande Sur Project. With these initial intercepts, we are continuing the significant advancements we have made in our understanding of the RGS Project mineralization, with the results commencing to demonstrate the potential significant scale of the project. With outstanding high-grade brine intercepts at depths of 100-130m and continuing to 500m with grades above 600mg/L at shallow depths, the project is exceeding our expectations. We continue to progress with permitting for the drilling program in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program works as we target a significant mineral resource upgrade.

Summary of Stage 1 Drilling Program and Outlook

Pursuit Minerals has achieved significant high-grade lithium brine at shallow depths in the Maria Magdelena tenement of the Rio Grande Sur Project. The initial high-grade assays, including intervals of 408mg/L, 412mg/L, 424mg/L, 620mg/L, and 607mg/L, demonstrate the potential significant scale of the project. The Stage 1 Drill Program aims to target resource growth to the existing inferred JORC resource of 251.3kt LCE@ 351mg/L. The company is also targeting a material resource upgrade in 2024, which will build on the recent maiden resource defined at the Rio Grande Sur Project. Pursuit continues strong dialogue with relevant government authorities for the environmental permitting for evaporation ponds to be constructed on site. The 250tpa Lithium Carbonate Pilot Plant is on track to commence first production of Lithium Carbonate, with ongoing discussions with potential off-take partners and end users continuing.